Kovan Landed Prices Crossing $2,600 PSF, Is This the New Norm for 3-Storey Inter-Terraces?
There are certain property transactions that make you stop and look twice. For me, the latest transaction along Da Silva Lane in Kovan was one of them.
In September 2026, an original 3-storey inter-terrace changed hands for $4.56 million, based on a land size of approximately 1,747 sq ft. That works out to $2,610 PSF.
At first glance, $2,610 PSF for an original inter-terrace may sound expensive. In fact, if you had shown me this number a couple of years ago, I probably would have said exactly that. But when I looked at the broader transactions for similar 3-storey inter-terraces in Kovan this year, the number became much more interesting.
Based on my analysis of eight 3-storey inter-terrace transactions in Kovan in 2026, the average is approximately $2,611 PSF.
In other words, this latest Da Silva Lane transaction was almost exactly in line with the market average for this particular segment.
And that, to me, is the bigger story.
This isn't necessarily a case of one buyer paying an unusually high price. It could be a sign that $2,600+ PSF is increasingly becoming an accepted price level for 3-storey inter-terraces in Kovan.
From $2,216 PSF to $2,611 PSF in Two Years
To understand how significant this is, we need to take a step back.
Based on my analysis of 3-storey inter-terrace transactions in Kovan, the average PSF was approximately $2,216 PSF in 2024.
In 2025, that increased to around $2,371 PSF.
In 2026, it moved to approximately $2,611 PSF.
That represents an increase of about 17.8% from 2024 to 2026.
And I have to admit, this one hits a little differently for me because I still remember selling a landed property along Flower Road in 2024 at $2,363 PSF.
At that time, I genuinely thought the price was high. I remember looking at the transaction and thinking that $2,363 PSF for an inter-terrace was already quite a number.
Little did I know that within roughly two years, the average for 3-storey inter-terraces in Kovan would move to around $2,600 PSF.
Looking back, that $2,363 PSF transaction doesn't seem quite as expensive as it did then. In fact, it looks relatively reasonable compared with where the market is today.
Why Are 3-Storey Inter-Terraces in Such High Demand?
I think part of the answer comes down to the type of buyer entering the landed market. For many Singaporeans, the inter-terrace is one of the more natural ways to make the transition from an HDB flat or condominium into landed living.
A family coming from a condominium may already be accustomed to having three or four bedrooms, multiple bathrooms and a certain amount of living space. Moving into a 3-storey inter-terrace allows them to retain that sense of space while gaining something fundamentally different — their own land, their own entrance, their own parking and much greater privacy.
For an HDB upgrader, the proposition can be even more compelling. Instead of making a massive jump into a large semi-detached or detached property, a 3-storey inter-terrace provides a more manageable entry point into landed living.
You get multiple floors, more bedrooms, outdoor space and the freedom that comes with owning a landed property, without necessarily having to spend $7 million, $8 million or $10 million.
This is why I think the inter-terrace segment is particularly interesting.
It isn't necessarily about buying the biggest landed property possible.
For many buyers, it is about finding the most comfortable entry point into landed living. And when a particular segment has a large pool of potential buyers competing for relatively limited supply, prices can move quite quickly.
I Keep Meeting Buyers Who Remember the $2,300 PSF Market
What's interesting is that I still come across buyers today whom I first met back in 2024 when I was marketing the unit around Flower Road.
Some of them looked at the prices then and thought they were too high. I completely understand why.
Nobody wants to overpay for property. When you're looking at a $4 million landed house, an additional $200,000 or $300,000 feels like a very significant amount of money. But there is a difficult reality when it comes to property.
The market doesn't wait for you to become comfortable with the price.
Some of these buyers are still looking today. And if they are still searching for the same type of property, their situation has changed considerably.
A landed property that could potentially have been purchased for around $4 million a couple of years ago may now require something closer to $4.5 million or more, depending on the land size, tenure, condition, street, and overall characteristics.
The buyer hasn't necessarily become more demanding.
The house hasn't necessarily become dramatically different.
The market simply moved.
Is $2,610 PSF an Outlier?
This is the question I think buyers should be asking. If this were a single $2,610 PSF transaction surrounded by properties trading at $2,000 PSF, I would be very cautious about using it as a market benchmark.
But based on my 2026 data, that's not what we're seeing.
With eight 3-storey inter-terrace transactions in Kovan averaging approximately $2,611 PSF, the latest Da Silva Lane transaction at $2,610 PSF sits almost exactly at the segment average.
Of course, not every landed house is directly comparable. Land size, frontage, plot shape, tenure, age, condition, road position and layout can all have a significant impact on value.
But that is precisely why I find the transaction interesting. It suggests that the market's willingness to pay around $2,600 PSF isn't necessarily an isolated event.
It is becoming a reference point.
And once a particular price level becomes established through actual transactions, future buyers and sellers naturally start using those transactions as benchmarks.
What Does This Mean for Buyers?
I'm not going to tell buyers that prices will definitely continue going up.
Nobody can know that.
But what I would say is that buyers need to be careful about waiting for yesterday's prices to return. If you are still thinking that a good 3-storey inter-terrace in Kovan should cost around $2,200 PSF because that was the average in 2024, you may already be working with an outdated reference point.
The same applies to quantum.
A buyer who was looking at a $4 million inter-terrace two years ago may now find that a comparable property is closer to $4.5 million.
And if prices continue to appreciate, it is entirely possible that original-condition inter-terraces could move towards $2,800 PSF in the future. That is a scenario, not a prediction, but the recent transaction trend shows why buyers shouldn't simply assume today's price will remain today's price forever.
Don't Confuse “Expensive” With “Overpriced”
This is probably the most important takeaway I want buyers to have. There is a difference between something being expensive and something being overpriced.
A $4.56 million landed house may feel expensive. But if similar properties are actually transacting around $4.5 million to $4.6 million, then the question shouldn't simply be:
“Why is this house so expensive?”
The better question is:
“Is this house fairly priced relative to what similar properties are selling for today?”
That is a completely different way of looking at the market. And this is why I don't encourage landed buyers to look at PSF in isolation.
The land size matters. The frontage matters. The plot shape matters. The condition matters. The tenure matters. The street matters. The layout matters.
Most importantly, the comparable transactions matter.
So, If You're Still Looking for a Landed Home in 2026...
If you are serious about buying a landed property in District 19 but keep telling yourself, “The prices are too high, I'll wait,” I think it is worth taking a step back and looking at the actual numbers.
I'm not saying you should rush out and buy the next house you see.
You shouldn't.
The property still needs to make sense for your family, your budget and your long-term plans. But if you find a suitable inter-terrace that is priced below the prevailing comparable-market level, has good fundamentals, and doesn't come with significant hidden issues, I would certainly pay closer attention to it.
Because waiting for the market to become cheap again can sometimes mean waiting for a price that no longer exists.
I still remember thinking $2,363 PSF was expensive in 2024. Today, we're looking at transactions around $2,610 PSF.
And that's probably the lesson I would take away from the latest Da Silva Lane sale.
The question isn't whether $4.5 million sounds expensive.
The question is whether $4.5 million is expensive relative to what the same type of landed property costs today.
And in Kovan's 2026 landed market, that distinction matters.
Looking to Buy or Sell a Landed Property in District 19?
If you are considering buying or selling a landed property in District 19, having access to the right market data can make a significant difference. I focus on District 19 landed properties, particularly areas such as Kovan, Serangoon Gardens, Bartley, Hougang, and the surrounding landed estates, and I regularly analyse transaction prices, PSF trends, land sizes, frontage, property condition, and comparable properties to understand what the market is actually paying for.
Whether you are trying to determine how much your landed house is worth, whether your asking price is realistic, or which landed property offers better value for your budget, I can help you make the decision based on data rather than guesswork.
If you're looking to buy, sell or simply understand the current value of your landed property in District 19, feel free to call or WhatsApp me for a 1-to-1 discussion.
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